Atco Ltd. Class I · TSX:ACO.X
Atco Ltd. Class I — Investor Presentation (May 2026)
37 slides from Atco Ltd. Class I's investor presentation, May 19, 2026
Slide 1: Investor Presentation
Investor Presentation ATCO Ltd. May 2026
Slide 2: Table of contents
Table of Legal Notice ATCO Ltd. 3 5 contents ATCO overview 5 Financial overview 8 ATCO opportunities 9 Canadian Utilities Limited 11 ATCO Structures 20 ATCO Frontec 26 ATCO Investments 28 Why Invest 31 Appendix 32 ATCO Ltd. Investor Presentation 2
Slide 3: Legal notice
Legal notice Forward-looking information advisory Certain statements made by company representatives and information provided in this presentation may be considered forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate",
Slide 4: Legal notice: Non-GAAP and other financial measures
Legal notice Non-GAAP and other financial measures disclosure advisory This presentation contains various “total of segments measures”, “non-GAAP financial measures” and “non-GAAP ratios” (as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ("NI
Slide 5: ATCO overview: ownership structure
ATCO overview 52.4% 1 100% 100% Structures & Investments 2 Logistics 40% 1. Canadian Utilities Limited ownership as of March 31, 2026. 2. ATCO Investments also includes ATCO Corporate & Other, which contains the global corporate head office in Calgary, Canada, ATCO licensing fees received, and finan
Slide 6: Uniquely positioned for the future
ATCO overview Uniquely positioned for the future Our Purpose Our Objectives Our Experience 13 Manufacturing Locations Growth Creating prosperity and 28,600 Fleet Units Globally opportunity for Financial leadership 9 Commercial & 2 Residential Properties generations to come Support, Partner & Engage
Slide 7: ATCO portfolio strategy
ATCO overview As businesses mature, ATCO portfolio strategy they evolve down the pyramid. Growth New growth is guided by our focus on essential services, the energy transition, and key relationships. Value These investments provide a balance between yield and growth. Foundational Drive efficiency an
Slide 8: Foundational stability of the regulated utility underpins our growth assets
Financial overview Foundational stability of the regulated utility ATCO Structures & ATCO Investments1 $52 underpins our growth assets Logistics1 $121 ATCO Australia1 $36 Portfolio balances yield and long-term growth $518M1,2 ATCO EnPower1 Significant non-regulated energy opportunities $23 Adjusted
Slide 9: Opportunities in Canada's North
ATCO opportunities Opportunities in Canada’s North Landscape of large and growing opportunities Canada’s defence landscape in the Arctic Increased northern Existing threats and pressures in the North include: spending Bill C-5 • Heightened geopolitical risk and increased military threats. (Nation bu
Slide 10: ATCO's northern strategy
ATCO opportunities ATCO’s northern strategy ATCO Frontec has been a leader for nearly 40 years in North America’s Arctic operations. Frontec current operations in the North Geographically diversified footprint Operating 6 defence projects • Alaska Radar & North Warning Systems Defence • RP North, CF
Slide 11: Canadian Utilities Limited
ATCO Ltd. Investor Presentation 11
Slide 12: Canadian Utilities Limited structure
Canadian Utilities Limited 100% 100% 100% 100% Alberta Electricity Distribution Alberta Electricity Transmission Electricity Generation Natural Gas Distribution Alberta Natural Gas Distribution Alberta Natural Gas Transmission Storage & Industrial Water Electricity Generation Naka Power Utilities Yu
Slide 13: Diversified utility and energy company
Canadian Utilities Limited Diversified utility and energy company $3.7B $16.6B $25B FY 2025 Revenue1 2025 Mid-Year Rate Total Assets1 Base2 $345M 6.9% 54 FY 2025 5 Year Mid-Year Years of Annual Adjusted Earnings1,3 Rate Base CAGR2,4 Dividend Increases (contribution to ATCO) 1. For the full year ende
Slide 14: Regulated utility capital expenditures (5 year plan)
Canadian Utilities Limited Regulated utility capital expenditures (5 year plan) $12B $3.1B 5-year capital expenditure plan $0.1B $2.7B $0.1B $2.3B Historical $1.6B $0.1B $2.0B $1.9B $1.4B $0.1B $0.6B $0.1B $0.4B $1.5B $1.5B $0.4B $0.1B $0.1B $0.2B $0.5B $0.3B $0.5B $0.5B $0.5B $0.4B $0.4B $0.4B $0.5
Slide 15: Mid-year rate base (5 year plan)
Canadian Utilities Limited Mid-year rate base1 (5 year plan) 6.9% $22.3B $23.2B 5-year mid-year rate base1 CAGR $21.4B $1.8B CAGR ‘25-’30 $1.8B $19.8B $1.7B 3.7% $17.9B $1.6B $6.1B AUS $16.6B $1.6B $5.9B $5.7B $1.5B $4.9B 16.9% $3.6B GT $2.8B $4.2B $4.0B $3.9B 4.3% $3.7B $3.4B $3.5B GD $6.0B $6.3B 3
Slide 16: Funding strategy
Canadian Utilities Limited Funding strategy Canadian Utilities Limited Regulated businesses Non-regulated businesses $12B 5-year (2026-2030) capital expenditure plan • Currently, no need to issue common equity. 63% 37% • Non-regulated growth to be funded by cash flow from non-regulated operating ass
Slide 17: Yellowhead Pipeline Project
Growth & Prosperity Canadian Utilities Limited Yellowhead Pipeline Project Reducing Congestion. Powering Industry. Driving Economic Growth. Completed In-Progress May 2024 August 2025 November 2025 March 2026 May 2026 June 2026 Q3 2026 Q3 2026 …… Q4 2027 Project AUC Needs AUC Facility Alberta AUC Fac
Slide 18: AESO long-term forecast reinforces opportunities
Canadian Utilities Limited AESO long-term forecast reinforces opportunities AESO long-term outlook1 CU potential growth opportunities Increased load growth Northwest Area Transmission Development Industrial activity, electrification and emerging loads will A 240kV transmission expansion, to alleviat
Slide 19: Non-regulated energy investments are key to long-term growth
Canadian Utilities Limited Non-regulated energy investments are key to driving additional long-term growth Established assets that are diversified across the energy value chain 117 PJ 544,000 m3 85,200 m3/d Natural Gas Natural Gas Water Storage Capacity Liquids Storage Infrastructure Capacity Capaci
Slide 20: ATCO Structures
ATCO Ltd. Investor Presentation 20
Slide 21: Building momentum in Q1 2026
ATCO Structures Building momentum in Q1 2026 $27M +4% $65M +5% Year-over-Year Year-over-Year Adjusted Growth Adjusted Growth Earnings1,2 EBITDA1,2 +27K +5% $863 +7% Global Space Year-over-Year Global Space Rentals Year-over-Year Growth Growth Rentals Fleet1 Average Rental Rate ($ per month)1 Note: M
Slide 22: Positioned for growth
ATCO Structures Positioned for growth Our operations are strategically positioned near regions with strong economic and natural resource activity. 44 Branch locations NORTH AMERICA 13 Manufacturing locations SOUTH AMERICA 5 Countries AUSTRALIA Branches Branches with manufacturing Global operations a
Slide 23: Building out our next phase of growth: Stibnite Gold Project
ATCO Structures Building out our next phase of growth Stibnite Gold Project • Executing $179M (CAD) contract. • Largest contract value in our operating history in the United States. • Agreement to develop and build a +1,000-person camp and office site. Stibnite Gold: Yellow Pine, ID • Located near Y
Slide 24: $213M in new contracts driving growth
ATCO Structures $213M in new contracts driving growth Canada $73M in contracts for space rental, workforce housing, and permanent modular construction solutions (comprised of 341 modular units) for: • Public infrastructure and defence in Central Canada • Emergency response projects in Central and We
Slide 25: The ATCO modular advantage
ATCO Structures The ATCO modular advantage Competitor A Competitor B Quality Fleet Custom Sales Design & Manufacturing Workforce Housing Local Branches & Staff Turn-Key Service Provider ATCO Structures delivers quality service and custom modular manufacturing ATCO Ltd. Investor Presentation 25
Slide 26: ATCO Frontec
ATCO Ltd. Investor Presentation 26
Slide 27: ATCO Frontec provides integrated operational support services
ATCO Frontec ATCO Frontec provides: ✓ Facility operations and maintenance services. ✓ Workforce lodging and support services. ✓ Defence operations services. ✓ Disaster and emergency management services. 30 42 Years 1.3 Million Operating Supporting Government & Guests Served Locations Worldwide Defen
Slide 28: ATCO Investments
ATCO Ltd. Investor Presentation 28
Slide 29: ATCO Investments businesses
ATCO Investments Neltume Ports is a port operator and developer with a diversified portfolio of 17 multi-purpose, bulk cargo and container port facilities and 6 port operation services. The business is located primarily in Chile with additional operations in Uruguay, Argentina, Brazil, Guatemala, an
Slide 30: Neltume Ports overview
ATCO Investments Neltume Ports overview Diversified across goods & commodities handled FY 2025 Throughput Break Bulk 26% Bulk 31% 47M Tonnes Handled Container 43% Growth Drivers 6 Port operation 17 ❖ Improving operational ❖ Increasing volumes and Port facilities efficiency ownership at existing port
Slide 31: Why Invest
Why Invest Tackling the world's most urgent challenges underpinned by a diverse portfolio Controlling ownership of Canadian Utilities and its regulated business is the foundation of asset base Diversified portfolio of investments in essential services creates stable earnings for the portfolio even t
Slide 32: Appendix
Appendix ATCO Ltd. Investor Presentation 32
Slide 33: Q1 2026 adjusted earnings waterfall
Appendix Q1 2026 adjusted earnings1 waterfall $5 $1 ($1) $160 $165 1 2 2 1 Q1 2025 Canadian Utilities Limited Structures & Logistics 2 ATCO Investments Q1 2026 Note: Millions of Canadian dollars. 1. Total of segments measure (as defined in NI 52-112). The most directly comparable measure reported in
Slide 34: ATCO Consolidated Adjusted Earnings
Appendix ATCO Consolidated Canadian Utilities Adjusted Earnings1 Adjusted Earnings1 (Contribution to ATCO) Cash Flow from $160 $165 Operations $122 $127 (Excludes Canadian Utilities) $125 $120 Q1 2025 Q1 2026 Q1 2025 Q1 2026 ATCO Structures & Logistics ATCO Investments Adjusted Earnings1 Adjusted Ea
Slide 35: Strong financial capacity underpins our future growth
Appendix Strong financial capacity underpins our future growth Key Metrics: Credit Ratings HoldCo debt is less than 5% of consolidated debt. A (low) Access to over $2B in available committed credit liquidity. Conservative balance sheet BBB+ with substantial cash balance. Portfolio balance of yield a
Slide 36: A long history of collaborating with Indigenous communities
Appendix A long history of collaborating with Indigenous communities 38+ YEARS 1987: established relationship with Denendeh Investments $ 690M in economic benefits to First Nations since 20201 73 with Indigenous groups1 partnerships, MOUs and arrangements 1. As of December 31, 2025. ATCO Ltd. Invest
Slide 37: InvestorRelations@atco.com
InvestorRelations@atco.com ATCO Ltd. Investor Presentation 37